Hero MotoCorp's Sunil Munjal to step down

Sunil Kant Munjal, Joint Managing Director of Hero MotoCorp and Chairman Hero Corporate Services will step down from the Board of Directors of the two-wheeler maker.

In a filing to the Bombay Stock Exchange (BSE), Hero MotoCorp said, "Keeping with the core values of the Hero Group as established by the late Dr Brijmohan Lall Munjal, the members of BML Munjal family have decided realign their businesses to achieve future growth and expansion."

The statement added Sunil Kant Munjal has expressed his desire to step down as Joint MD once his tenure comes to an end on August 16,2016.